Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
The annual inflation rate in the U.S. fell to 3.1% in January following a 3.4% increase in December but came higher than forecasts of 2.9%.
Alan Brugler, Brugler Marketing says he can’t call a low in the corn market without some sort of a catalyst and “We don’t have much to work with fundamentally in soybeans to rally.”
Crop insurance costs are estimated to rise by 29% to nearly $125 billion for the decade ending in 2033.
Cattle see profit taking with a lower stock market. Hogs continue to consolidate. Corn tries to extend gains on fund short covering with a lack of bullish news. Brad Kooima, Kooima Kooima Varilek, has more.
AgDay TV Markets Now: Naomi Blohm says corn and soybean saw a technical bounce but are still watching two key factors this week for direction.
The Rosario Grain Exchange said 100,000 hectares of soybeans in Argentina’s core production area were lost due to “irreversible stress symptoms” after extreme heat that lasted two weeks.
Soybeans see short covering before USDA Outlook Forum. Corn follows beans, bouncing off contract lows. Live cattle see profit taking despite higher cash, feeders strong. Naomi Blohm, Total Farm Marketing, has more.
The Congressional Budget Office (CBO) last week released a new baseline for USDA mandatory funded programs,
Grains start mixed with soybeans seeing corrective buying, while wheat is lower and corn is stuck. Cattle seeing slight gains after sharply higher cash, hogs are two-sided. Randy Martinson, Martinson Ag, has details.
Grains and cattle end mixed, with a higher close in hogs and cotton. Details with Chuck Shelby, Risk Management Commodities.
The consumer price index (CPI) rose 0.2% in December instead of 0.3% as reported last month, the revisions of the CPI data published by the Labor Department showed.
March cotton surged 268 points to 91.78 cents and notched a 467-point gain on the week.
AgDay TV Markets Now: Chuck Shelby, Risk Management Commodities, says corn and soybeans end lower on Friday as funds continue to sell with more favorable weather in South America and ahead of USDA’s Ag Outlook Forum.
Jerry Gulke, president of the Gulke Group, spoke to a full house at Top Producer Summit this past week. “Producers are finally interested in marketing now that prices have fallen further,” he says.
Soybeans down on Argentina wx, while corn follows wheat on a short covering rally. Cattle 2-sided waiting for cash, hogs finally bounce but is it sustainable? Mike Minor, Professional Ag Marketing, has more.
Grains mixed digesting Conab’s Brazil cuts and the February WASDE. New highs in cattle on fund buying, strong fundamentals. More profit taking in hogs on sliding cutouts. Don Roose, U.S. Commodities, has analysis.
AgDay TV Markets Now: Don Roose, U.S. Commodities says soybeans close higher as Conab production cuts trump WASDE data. So is the market trying to bottom?
Grains are mixed post WASDE which was bearish for soybeans, neutral for corn & wheat. However, Conab estimates on Brazil are trumping USDA’s. What does this mean for prices? Brian Splitt, AgMarket.Net, has analysis.
Cattle start strong on cash ideas, hogs continue to consolidate. Corn and soybeans see short covering pre-WASDE and with Conab’s lower corn and soybean estimates. Scott Varilek, Kooima Kooima Varilek has details.
USDA’s initial forecast calls for net farm income to plunge $39.8 million (25.5%) to $116.1 billion in 2024.
AgDay TV Markets Now: Mark Schultz, Northstar Commodity, says China and South American news provide a catalyst for fund selling in corn and soybeans.
Funds push corn & soybeans to new lows on China cancellations, fast Brazil safrinha corn planting. Wheat sees short covering. Proft taking in cattle pre-cash, hogs mixed. Mark Schultz, Northstar Commodity, has more.
The U.S. exported $15.50 billion of agricultural goods in December against imports of $15.66 billion.
Massive fund selling pushes grains to new lows. So, what’s driving it? Live cattle take a breather waiting for cash with higher feeders. Hogs finally bounce. Randy Martinson, Martinson Ag, has details.
Soybeans & wheat up on short covering pre-WASDE, while corn fails to follow. Cotton rallies and cattle make new highs for the move. Hogs down a 5th day. Shawn Hackett, Hackett Financial Advisors, has more.
AgDay TV Markets Now: Shawn Hackett, Hackett Financial Services, grains square ahead of WASDE, while cattle make new highs.
USDA will begin issuing final Emergency Relief Program (ERP) payments totaling approximately $306 million to eligible commodity and specialty crop producers who incurred losses due to natural disasters in 2020 and 2021.
A bipartisan border deal and foreign aid package is likely to fail in the Senate this week due to strong opposition from former President Trump and leading House Republicans.
Cattle futures recover after Monday’s chart damage, hogs consolidating for the 5th day. Soybeans build on Monday’s reversal, while corn is consolidating above support. Brad Kooima, Kooima Kooima Varilek, has more.
Brian Grete, editor of Pro Farmer says, “Soybeans saw mostly corrective buying as funds have built a short position and may be covering some of those contracts heading into the WASDE report on Thursday.”